| 1. |
- Kim, Seung Woo
(author)
-
Britain’s Europe and the Economic Consequences of German Reunification
- 2020
-
In: Critical Review of History. - 1227-3627. ; :133, s. 69-92
-
Journal article (peer-reviewed)abstract
- This paper analyses the economic consequences of German reunification upon the British economy. In the post-war period, Britain was reluctant on to the European project integration owing to alternatives of the Commonwealth and the Atlantic alliance with the USA. And the City of London took the US dollar for its revival as the international financial centre. It was not until the late 1980s when the City and Britain accelerated their paths towards European integration. However, the German reunification frustrated the efforts. In order to appease the Eurosceptic Germans, the City lost the competition to Frankfurt in the race to invite the European central bank. And the entry into the European Monetary System resulted in the exchange crisis of sterling in September 1992. Such experiences galvanised the Euroscepticism in Britain.
|
|
| 2. |
- Kim, Seung Woo
(author)
-
Can You Beat the Market? Characterizing the Market and a History of Investment Methods in the 20th Century
- 2022
-
In: Critical Review of History. - 1227-3627. ; :138, s. 8-35
-
Journal article (peer-reviewed)abstract
- This paper sheds lights on the three investment methods of the 20th century, which assume authority as financial knowledge. Challenging the notion of scientific evolution, it analyzes the way in which each method characterizes stocks and the stock market. Technical analysis, galvanized by the technological innovation and the emergence of mass investment society in the US, sought to exploit the regular trend of stock prices to generate profit. Security analysis, in contrast, pays attention to the intrinsic value, as opposed to the market price, to find out a firm with stable potential earnings. While these two methods assumed the capacity of professional money managers to beat the market, the random walk recognized the opposite. Owing to the efficiency of the market, the new method presented a method which paid attention on the correlation between individual stocks and the whole portfolio. Given the idea that each method directs the flows of capital, this paper also explored the political economy of investment methods.
|
|
| 3. |
- Kim, Seung Woo
(author)
-
Gold Standard, Nationalism, and the neoliberal idea of international monetary system: F. A. Hayek's Monetary Nationalism and International Stability
- 2021
-
In: Sa-Chong. - 1229-4446. ; :103, s. 143-175
-
Journal article (peer-reviewed)abstract
- This paper sheds lights on the early neoliberal idea of the international monetary system as a counter-argument against the insular capitalism of the 1930s by examining F. A. Hayek’s Monetary Nationalism and International Stability (1937). Hayek understood that the failure of the 19th-century gold standard, which had been accused of being ‘a barbarous relic’, was attributable to its malfunctioning on an international scale rather than the domestic sacrifice involved in its operation. He pointed out that the introduction of the fractional reserve system in the 20th century in nation-states had enabled the pursuit of independent monetary policy by central banks. In the absence of international mandate and disciplines of the international monetary system, the incremental trend of monetary nationalism resulted in the international monetary disorder of the 1930s. Instead of a flexible exchange rates system, Hayek proposed restoring the gold standard with a transnational authority to prevent vicissitudes of nation-states. Whereas the neoliberal idea was marginalized in the postwar period, the single currency of the Euro substantiated Hayek’s vision. With a contextual reading of Monetary Nationalism and International Stability, this paper suggests that the early neoliberals sought to recover the tarnished reputation of the gold standard and provided a vision of the postwar international monetary system.
|
|
| 4. |
- Kim, Seung Woo
(author)
-
History-Making by the US Neoliberal: The Chicago School and the past and present of the ‘Ramseyer Affair’
- 2021
-
In: Critical Review of History. - 1227-3627. ; :137, s. 237-268
-
Journal article (peer-reviewed)abstract
- This paper examines the political and intellectual origins of “Contracting for sex in the Pacific War” by J. M. Ramseyer. The controversial article, which reduces the complex issues of colonialism and gender into a market efficiency, shares the assumption of the Law and Economics, a by-product of US neoliberalism. The movement to re-configure the relations between state and economy against the “New Deal” government introduced a dual strategy to persuade the public of its free-market ideology. First, following the idea of F. Hayek, it sought to lure intellectuals, or “secondhand dealers in idea”. The attempt resulted in the establishment of the Law and Economics, which evaluated not only economic institutions but also social ones in terms of economic efficiency. Second, led by M. Friedman, it constructed a revisionist history to validate the gospel of the free market. The campaign to capture the intellectuals and discourses on history was successful by the late 1970s. In the following decade, with the rise of the neoliberal movement, Law and Economics attracted promising graduate students to succeed in the tradition of the discipline. In this regard, Ramseyer applied the contention of the free market to Japan to challenge the traditional notion of the country’s economic growth. Then he expanded the assumption into the non-economic realm to contest the existing discourses regarding the sex slave during World War II.
|
|
